Diwali is India’s biggest and most important festival. This festival gets its name from the rows of clay lamps called ‘Deepa’ lit outside people’s homes to symbolize the defeat of spiritual darkness with inner light. Diwali is now a National Festival celebrated by Indians regardless of faith.
8 Financial Lessons From Diwali 2018
- Plan your investments
It’s time to think of your financial investments, as perIndian Money reviewthis Diwali. Do you have a term life insurance plan to protect loved ones and care for their financial well being if something untoward happens to you? What about a family floater health insurance plan to take care of your family’s hospitalization needs this Diwali? A Child Endowment Plan could be a lasting gift for your son. It would take care of higher education and marriage expenses. You could start investing in an SIP of mutual funds this Diwali 2018
- Get a financial advisor this Diwali
IndianMoney complaintsdepartment has wealth doctors who give genuine and unbiased financial advice, to make sure you are not cheated or mis-sold financial products. Our wealth doctors can help achieve financial goals. Insurance agents are known to mis-sell life insurance products like endowment plans to pocket commissions.
- Make a well balanced portfolio
You must be familiar with asset allocation, which is dividing the investment across asset categories. Indian money reviewsof asset allocation helps balance risk and reward by apportioning portfolio assets to meet financial goals based on your risk toleration and investment horizon.If your portfolio is light on equity, bring in more funds and maintain a balance between debt and equity. Stock markets have crashed and this is an excellent time to pick good stocks at low prices.
- Have Gold in your portfolio
You don’t need to buy gold coins or gold ornaments. Invest in gold Exchange-Traded Funds popularly called Gold ETFs which represent physical gold in the dematerialized form.Lead market reviewof gold ETFs can be traded on the stock exchange just like stocks. You don’t have the hassles of storing gold jewelry and there are no making charges.
- Have a SIP in equity mutual fund
Start a SIP this Diwali 2018. The money invested in the equity mutual fund scheme can meet financial goals like Children’s education, marriage and even retirement.
- Make a budget
A budget helps spend better and get more bang for buck. It squeezes value out of every rupee. Make a budget this Diwali 2018 and you will have money to spend on things you really need.
- Get rid of debt
Get rid of credit card dues and that personal loan before Diwali 2018. Diwali is the time to improve CIBIL score. Getting rid of unsecured loans (Loans with no collateral), improves CIBIL score. These loans have high interest and a delay in repayments messes up credit score. Diwali is the time to wipe out darkness with light.Lead market complaintsexperts advice that you make sure you wipe out the darkness of debt this Diwali 2018.